Barclays PLC Lowers Atwood Oceanics, Inc. (NYSE:ATW) Price Target to $8.00

Atwood Oceanics, Inc. (NYSE:ATW) had its price target dropped by equities researchers at Barclays PLC from $10.00 to $8.00 in a research report issued on Friday. The brokerage presently has an “underweight” rating on the offshore driller’s stock. Barclays PLC’s target price points to a potential upside of 20.48% from the company’s current price.

Other equities analysts have also issued research reports about the stock. ValuEngine raised shares of Atwood Oceanics from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Clarkson Capital raised shares of Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Friday, May 12th. Wood & Company raised shares of Atwood Oceanics from an “accumulate” rating to a “buy” rating in a research report on Friday, April 28th. Zacks Investment Research raised shares of Atwood Oceanics from a “hold” rating to a “buy” rating and set a $8.50 target price on the stock in a research report on Wednesday, July 12th. Finally, TheStreet lowered shares of Atwood Oceanics from a “c-” rating to a “d+” rating in a research report on Monday, August 7th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Atwood Oceanics has an average rating of “Hold” and a consensus price target of $11.40.

Atwood Oceanics (ATW) traded up 4.90% during midday trading on Friday, reaching $6.64. 5,401,246 shares of the company were exchanged. The firm’s market cap is $534.24 million. Atwood Oceanics has a one year low of $6.12 and a one year high of $15.37. The firm’s 50-day moving average is $7.83 and its 200-day moving average is $9.07.

Atwood Oceanics (NYSE:ATW) last announced its earnings results on Thursday, August 3rd. The offshore driller reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.01. Atwood Oceanics had a negative net margin of 3.06% and a positive return on equity of 2.25%. The business had revenue of $117.20 million for the quarter, compared to analyst estimates of $125.89 million. During the same quarter in the previous year, the firm posted $1.53 earnings per share. Atwood Oceanics’s revenue was down 48.6% compared to the same quarter last year. On average, equities analysts expect that Atwood Oceanics will post ($0.29) EPS for the current fiscal year.

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Large investors have recently modified their holdings of the stock. Everence Capital Management Inc. purchased a new stake in shares of Atwood Oceanics during the first quarter valued at approximately $104,000. Brandes Investment Partners LP purchased a new stake in shares of Atwood Oceanics during the first quarter valued at approximately $117,000. State of Alaska Department of Revenue increased its stake in shares of Atwood Oceanics by 77.5% in the second quarter. State of Alaska Department of Revenue now owns 14,660 shares of the offshore driller’s stock valued at $119,000 after buying an additional 6,400 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Atwood Oceanics by 20.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 16,640 shares of the offshore driller’s stock valued at $159,000 after buying an additional 2,880 shares in the last quarter. Finally, Eqis Capital Management Inc. increased its stake in shares of Atwood Oceanics by 24.9% in the first quarter. Eqis Capital Management Inc. now owns 17,121 shares of the offshore driller’s stock valued at $163,000 after buying an additional 3,416 shares in the last quarter. Institutional investors own 91.97% of the company’s stock.

Atwood Oceanics Company Profile

Atwood Oceanics, Inc is an offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The Company owns various types of drilling rigs, such as Ultra-Deepwater Rigs, Deepwater Semisubmersibles and Jackups. Its Ultra-deepwater Rigs and Deepwater Semisubmersibles include Atwood Achiever, Atwood Archer, Atwood Admiral, Atwood Advantage, Atwood Condor, Atwood Eagle and Atwood Osprey.

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